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1/30/2018

INSURANCE SECTOR NETS N235BN PREMIUM IN 9 MONTHS

The National Insurance Commission
(NAICOM) has revealed that the nation’s insurance sector recorded a gross
written

premium of N235 billion between January and September of 2017.

This was as the commission warned
Nigerians to be wary of the antics of online fraudsters who opened a fake
recruitment portal in its name with the sole aim of swindling unsuspecting
members of the public.

NAICOM said it was not recruiting
at the moment but that whenever vacancies come up, they would be advertised in
the media for qualified Nigerians to apply.

Meanwhile, industry stakeholders
have described the N235 billion premium for last year as a good development
judging from the rough economic climate of 2017. The figure was, however, lower
than N325 billion that was recorded in 2016.

According to figures obtained
from the commission, insurance contribution to the Gross Domestic Product (GDP)
in terms of penetration stands at 0.48 per cent.

The figures further showed that
most of the businesses done in the industry were by insurance brokers, with 75
per cent of the transactions coming from corporate clients. At a workshop for insurance journalists held
in Benin at the weekend, the Deputy Commissioner for Insurance, Thomas Sunday,
explained that NAICOM’s main objective was to expand the insurance market.

He said that existing insurance
companies in Nigeria were in good health, even as he assured that the
commission would always intervene whenever it noticed any operational
challenge. “The law gives us power to ask insurance companies to recapitalise
when they have solvency issues. Insolvency can be temporary. Once they make up
the gaps, they’re back to business. We also make some interventions. There are
some we are attending to.

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